A Picasso NFT has just been launched as a part of the “First Collections” NFT by Justin Sun, Tron’s Founder as we are reading more in our latest Tron news today.
The Just NFT Fund purchased a Picasso NFT painting for $20 million and the team behind the project announced an official launch of the NFT collection that included Picasso’s work. The NFTization of the important works of art existed for decades in different forms. The launch only showcases “The First Collections” that includes Femme Nue Couchee Au Collier who is a work by the popular artist. This piece from 1932 was acquired by Sun via an auction by Christie’s back on March 23rd and the collection also included Andy Warhol’s “Three Self Portraits”, Beeple’s “Ocean Front” and many more.
NFTs are a major innovation in the blockchain space especially in the field of art. By giving each work a unique digital signature, it can ensure the uniqueness and circulation of the work. With this technology, the digital format of any physical artwork can be uploaded to the BTFS system and the corresponding NFT artwork BTFS address is generated. The information is then written into a smart contract according to a TRC-721 standard with the uniqueness of the work being confirmed by the contract address. The NFT process of Picasso’s art showcases the process as the final contract addresses that it generates is here and can validate the creation.
This marks JUST NFT Fund’s latest initiative to increase the number of engaged users with this technology as Sun said:
“I firmly believe that in the next ten years, 50% of the world’s top 100 artists and artworks will be NFTized. The JUST NFT Fund will embrace and strengthen this trend.”
The NFTization of the important works of art is another breakthrough in the technology cycle and attracts full attention in the fields of collection, art, finances, and investments as Justin Sun added:
“The mission of the JUST NFT Fund is the NFTization and blockchainization of the world’s top artworks, and to build a bridge between the world’s top artists and blockchain.”
In the past few weeks, JUST NFT Fund was advancing with bounds and leaps which reflects Sun’s unique strategic prowess but it is also a powerful note to the overall market sentiment that we are in. According to the public data, the current total sales of the market have reached $563 million, the transaction volume exceeds more than $5.5 million with the total sales in February increasing about 8 times compared with January.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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